Shares of Ford Motor Co.
kept rallying Thursday toward a near six-year high, after RBC Capital analyst Joseph Spak turned bullish, citing more confidence in the automaker’s financial targets and on the belief that the F-150 Lightning electric truck is likely a “watershed” moment for the company and the industry. Spak raised his rating to outperform, after being at sector perform for at least the past three years, while raising his stock price target to $17 from $13. The stock climbed 6.0% in morning trading, after running up 8.5% on Wednesday to close at a five-year high in the wake of the company’s commitment to make electric vehicle sales 40% of global sales by 2030. The F-150 Lightning “not only protects its golden goose, but expands the F-150 franchise opportunity via unique features like Intelligent Backup Power,” Spak wrote in a note to clients. “Ford already very strong on commercial fleet, but now offering a more compelling product via electrification and connectivity that could increase its share in this profitable segment.” Ford’s stock, which is on track for the highest close since December 2015, has run up 67.7% year to date through Wednesday, while shares of rival General Motors Co.
have climbed 44.8% and the S&P 500
has gained 12.1%.